Acquisition further strengthens product portfolio in beauty and personal care, food, pharmaceutical, CASE and other key growth industries
DOWNERS GROVE, Ill., Feb. 6, 2023 /PRNewswire/ -- Univar Solutions Inc. (NYSE: UNVR) ("Univar Solutions" or "the Company"), a leading global solutions provider to users of specialty ingredients and chemicals, announced today that it has acquired ChemSol Group ("ChemSol"), a leading ingredients and specialty chemicals distributor operating in Costa Rica, Guatemala, El Salvador, Panama, and Honduras.
Univar Solutions to Expand Central American Presence with ChemSol Acquisition
The acquisition of ChemSol will enhance the Company's geographic footprint in the growing Central American region, as well as its formulation and commercial offering across a wide array of key growth markets. These markets include beauty and personal care; pharmaceutical excipients; food; coatings, adhesives, sealants, and elastomers; lubricants and metalworking fluids.
"The ChemSol business strengthens both our Ingredients and Specialties portfolio and our geographic reach, further enhancing Univar Solutions position as a strategic partner of choice to our suppliers and customers," said Nick Powell, president of Global Ingredients & Specialties for Univar Solutions. "We're thrilled to help Central American customers solve some of their toughest challenges and stay ahead of industry-specific trends and regulatory changes by tapping into our continuous innovation, sustainable solutions, and global network of formulation and technical expertise, and commercial support."
Jorge Buckup, president of Latin America for Univar Solutions said: "This acquisition represents a strong platform for commercial growth in Central America, as we anticipate and meet the evolving needs of customers. Our two companies share a focus on value-added services, continuous improvement, and environmental responsibility. I am excited to welcome ChemSol to our family and am confident our teams will work together to ensure a seamless transition for employees, customers, and suppliers."
Ciro Guerra, founder and general director of ChemSol Group, said: "We are excited to join Univar Solutions and provide our customers and suppliers with access to more products, capabilities, and digital innovation that will help their businesses grow. Univar Solutions shares many of the values that are central to ChemSol's culture and strategy, including a commitment to collaboration, innovation, and a deep respect for teamwork, making it a seamless fit for our commercial partners and the perfect place for our team to continue growing their skills and careers."
Terms of the transaction were not disclosed.
About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world's leading producers. With the industry's largest private transportation fleet and technical sales force, unparalleled logistics know-how, deep market and regulatory knowledge, formulation and recipe development, and leading digital tools, the Company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. While fulfilling its purpose to help keep communities healthy, fed, clean and safe, Univar Solutions is committed to helping customers and suppliers innovate and focus on Growing Together. Learn more at univarsolutions.com.
Founded in 1983, ChemSol is a leading chemicals distributor with locations in Costa Rica, Guatemala, El Salvador, Panama, and Honduras. The company over time has diversified into the commercialization and representation of foreign specialty chemical houses in broader terms, and subsequently ventured into the market for food ingredients, personal care, pharmaceutical excipients and animal nutrition. Since inception, ChemSol has upheld a legacy of innovative products for clients based on ethical principles and maintaining a high standard of corporate social responsibility. Learn more at chemsol.net
This press release includes certain statements relating to future events and our intentions, beliefs, expectations, and predictions for the future which are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company's control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in the Company's filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: the ultimate geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and our customers and suppliers; the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition; other fluctuations in general economic conditions, particularly in industrial production and the demands of our customers; significant changes in the business strategies of producers or in the operations of our customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; our levels of indebtedness, the restrictions imposed by our debt instruments, and our ability to obtain additional financing when needed; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; an inability to integrate the business and systems of companies we acquire, including of Nexeo Solutions, Inc., or to realize the anticipated benefits of such acquisitions; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in our relationship with third party providers; accidents, safety failures, environmental damage, product quality and liability issues and recalls; major or systemic delivery failures involving our distribution network or the products we carry; operational risks for which we may not be adequately insured; ongoing litigation and other legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; potential impairment of goodwill; liabilities associated with acquisitions, ventures and strategic investments; negative developments affecting our pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of our workforce; and the other factors described in the Company's filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results, and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek, "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
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SOURCE Univar Solutions Inc.
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